Joint Stock Company Kaspi.kz hid ties to Russian businesses and mobsters and downplayed money laundering happening on its services, causing its stock to sink the most since its New York listing when a report exposed the issues, a proposed class action says.
The Kazakhstan-based lender said in 2024 public filings that while its business, by nature, was susceptible to illegal uses and the risk of violating sanctions, it had currently complied with US, EU, and UK policies, and did “not have any exposure to Russia or Russian businesses,” according to the complaint filed in the US District Court for the ...
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